Hipchickindc is a licensed real estate broker. She is the President of 10 Square Real Estate. Unless specifically noted, neither she nor the company that she is affiliated with represented any of the parties or were directly involved in the transaction reported below. Unless otherwise noted, the source of information is Metropolitan Regional Information Systems (MRIS), which is the local multiple listing system. Information is deemed reliable but not guaranteed.
Featured Property: 1333 1st St NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Old City #2
Bedrooms: 4 Baths: 3.5 Basement: No Parking: Street Ownership: Fee simple
Original List Price: $899,000.
List Price at Contract: $740,000.
List Date: 11/24/2014
Days on Market: 190
Settled Sales Price: $735,000.
Seller Subsidy: $0.
Settlement Date: 06/30/2015
Transaction type: Standard
Despite being well into the swampy DC summer, the downtown real estate market continues to move at a fast and aggressive pace. Many listings are seeing multiple pre-inspections, followed by escalated prices on multiple offers with minimal, if any, contingencies. On the surface, it all seems so easy…for sellers.
The down side of a market like this is that it makes pricing (which is already tricky in DC) extremely challenging. On the flip side of the escalating, non-contingent offers, are listings that have been priced a bit (or maybe a lot) over optimistically. For buyers who are not in a position to compete, or who simply can not bring themselves to get involved in all that, it might be useful to consider searching properties above the intended price range that have more than 30 days on market. A seller may not always be in a position to take an offer negotiated below list price, but it is an alternative way of approaching rather than waiting to pounce on the next newest open house.
This particular home is located in the Truxton Circle neighborhood, in close proximity to NOMA, Shaw, and Bloomingdale. It is near the newly built Dunbar High School. This is an area that was largely ignored during the previous renovation boom of the early and mid-2000’s, and is beginning to see some significant development and sales activity.
The listing agent for this sale was Jasmyen Porter with Exit Bennett Realty. Jocelyn Vas with American Realty Group represented the buyer in this transaction.